If the common pasture were converted to private land and fenced off, what quantity of milk would
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If the common pasture were converted to private land and fenced off, what quantity of milk would be produced? Cows graze on common pasture and can produce milk in the amounts shown in Table 1. The marginal private cost of producing milk is zero.
Table 1
Transcribed Image Text:
TABLE 1 Quantity of milk (gallons per day) 0 20 40 60 80 100 Marginal external cost (dollars per gallon) 0 2 4 6 Marginal social benefit 8 10 15 12 9 6 3 0
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